Posted: Feb 18, 2012 9:28 AM by Matt Stafford
COLORADO SPRINGS, Colo. (AP) - Ultra Resources is moving ahead on its plans for drilling in El Paso County.
The AP reports crews started work Friday on an access road that will lead to the first drilling site in the county, and a drilling rig is expected to pop up southeast of Security in the next several weeks.
The company has seven permit applications for vertical, exploratory wells in the county. This week it applied for two horizontal drilling permits for another site.
Ultra Petroleum is the parent company Ultra Resources. Ultra Petroleum CEO Mike Watford has said depressed natural gas prices will limit the company's activities in Wyoming and Pennsylvania, while healthy prices for oil make the oil-rich Niobrara shale in Colorado a stronger bet for the company.